Current Market Condition:
Market Structure (MS) & Order Flow (OF):
Daily: Bearish OF, price still trending bearish, Daily LL yet to be confirm.
4H: Bearish OF, not only we have a major 4H swing break but also a minor 4H structure break. If price break the 4H minor structure high, we can use it as a 4H CHoCH could indicates a bullish intention.
1H/15m: Bearish OF, nice 15m LQ POI, strong supply found. Price is now pulling back to this zone, would be a nice POI to short from.
Momentum:
15m: In LTF, demand has now taken back the control, we can see price is now forming HL & HH towards our major supply above. However, remember that long is countering the overall HTF momentum.
Liquidity Condition:
Price moving from mitigation to mitigation in the temporary LTF bullish OF is a sign of building LQ for future bearish move.
Trade Idea: Short
I'm favoring short at the 15m LQ POI, I will be more aggressive if price starts to respect the 15m LQ POI and bearish intention starts stepping in. Playing a Long until price back to our supply is valid but need to keep in mind that we are heavily countering the HTF bias. Currently, HTF intention is bearish, LTF intention is bullish, it's better to be conservative until HTF & LTF intention is aligned.
Market Structure (MS) & Order Flow (OF):
Daily: Bearish OF, price still trending bearish, Daily LL yet to be confirm.
4H: Bearish OF, not only we have a major 4H swing break but also a minor 4H structure break. If price break the 4H minor structure high, we can use it as a 4H CHoCH could indicates a bullish intention.
1H/15m: Bearish OF, nice 15m LQ POI, strong supply found. Price is now pulling back to this zone, would be a nice POI to short from.
Momentum:
15m: In LTF, demand has now taken back the control, we can see price is now forming HL & HH towards our major supply above. However, remember that long is countering the overall HTF momentum.
Liquidity Condition:
Price moving from mitigation to mitigation in the temporary LTF bullish OF is a sign of building LQ for future bearish move.
Trade Idea: Short
I'm favoring short at the 15m LQ POI, I will be more aggressive if price starts to respect the 15m LQ POI and bearish intention starts stepping in. Playing a Long until price back to our supply is valid but need to keep in mind that we are heavily countering the HTF bias. Currently, HTF intention is bearish, LTF intention is bullish, it's better to be conservative until HTF & LTF intention is aligned.